Uber rival Didi Chuxing is building a war chest.
The company — which recently announced it had raised $1 billion from Apple — is currently raising another round of funding that is even bigger than Uber's latest $3.5 billion round, said Didi Chuxing president Jean Liu.
"On the Uber news — I have to say — our industry is actually very early stage, so the more capital that goes into it, the faster it grows, so it benefits every one of us."
Liu revealed the news on stage at the Code Conference in Rancho Palos Verdes, Calif. on Wednesday, right after Uber announced its news. (Recode executive editor Kara Swisher said she probed Uber on the interesting timing of their announcement, which reportedly was purely coincidental.)